What are the legal implications of a late invoice payments?

Shinaynay

Hi, any help would be greatly appreciated.
I am a very small and new business and recently did a job for a much bigger company who were to pay me within 30 days of me sending them an invoice. Its now been 50 days and I am calling and emailing every few days but getting nowhere.
I don't want to 'threaten' them as such, and I am fully aware I need brush up my knowledge of this subject, but could someone possibly let me know what the next steps are?
Thank you.

Graham

Shinaynay wrote: »

Hi, any help would be greatly appreciated.
I am a very small and new business and recently did a job for a much bigger company who were to pay me within 30 days of me sending them an invoice. Its now been 50 days and I am calling and emailing every few days but getting nowhere.
I don't want to 'threaten' them as such, and I am fully aware I need brush up my knowledge of this subject, but could someone possibly let me know what the next steps are?
Thank you.

What are their reasons for not paying yet?

Would it speed up the process if you paid them a personal visit, it's much harder for them to fob you off face-to-face.

Shinaynay

Graham wrote: »

What are their reasons for not paying yet?

Would it speed up the process if you paid them a personal visit, it's much harder for them to fob you off face-to-face.

I haven't been given any reasons -just passed on from pillar to post. 'Oh could you contact X in accounting?' then X in accounting asking me to contact Y.

I think I will take your advice and drop down to them.
Thanks!

RiseToMe

Have a look at their policy if you can, sometimes its written in their documents that their payment policy is within 60 or 90 days etc of receipt of services etc. I know its not the terms they agreed to with you (ie 30 days) but I've come up against this before.

Shinaynay

RiseToMe wrote: »

Have a look at their policy if you can, sometimes its written in their documents that their payment policy is within 60 or 90 days etc of receipt of services etc. I know its not the terms they agreed to with you (ie 30 days) but I've come up against this before.

Their policy is and always has been 30 days.

RiseToMe

In that case as they've shown you that they do and have paid you in the 30 day time frame before I would try and speak to the director or head of finance. In the past this has resulted in things getting moved along for me and has never resulted in any future loss of business.

You may have already tried this in which case calling to them in person may work- my customers are all outside of Ireland so no experience of this personally.

Nothing more frustrating than large companies doing this to small business, good luck.

pedroeibar1

Short answer - the legal implication is late payment could easily put you out of business!

Late payment is a serious concern to about one third of businesses.
I've done some work with Graydon in the past - their report here gives you ideas on how to overcome it and has some good answers to your questions.

HairMare

Hi have to agree with calling in to company ask to see mary/john in accounts - generally seals the deal - as no business wants creditors calling to their door.
look up citizens info re debts / harrassment someone sent me a link to same recently. have paperwork with you etc, hopefully you will leave with payment.
The nicer / classier approach is to ring ahead and say you will call today / tomorrow to collect payment as passing and sure my accountant to close off on / file same etc. everyone will try to push things out to ninety days - anyone who i knew that made big money wouldnt pay anyone before it. the longer its in their pocket the more it makes them. the longer your without the more you lose.